Recent events such as the Facebook blackout of October 4th, Google and Apple’s policy changes and the threat of government interference has made controlling your marketing an imperative for business survival. Being dependent is the opposite of FREEDOM.
But how you ask can a dental practice OWN its own media? How can it avoid reliance on BIG TECH and others? How can you regain your FREEDOM and INDEPENDENCE?
The answer lies in understanding YOUR MOST VALUABLE ASSET.
When asked, most answer that their most valuable asset is“ME”. My education, my skills, my personality, my reputation,and even my team.
And, while these are indeed important, they are not really assets. In fact, they can actually be liabilities. That’s because they are all dependent on YOU. And when you’re gone, these assets either disappear or, in the case of the team, potentially diminished.
Doctors who respond with “MY” to describe their practice assets, have built a cage rather than a business. They have a JOB rather than an asset. They are employees rather than OWNERS. They are chained to their practices and are not FREE nor INDEPENDENT, though they might think they are. Until it’s time for transition and/or transfer.
Corporate Dentistry knows that which is why they handcuff Doctors for 3-5 years upon a practice sale. They know that most Dentists make their practices about THEM.
OWN YOUR OWN MEDIA…GAIN YOUR FREEDOM
Your most valuable assets are first, your patient list, and secondarily, your referral list. Should God forbid, your physical space burn down, with such lists the practice can be rebuilt. When the practice is transferred, these lists as well, can be used (along with your GOODWILL) to transfer or even grow the practice. The transferability of a practice with an active, effective, and well-nourished list can add as much as 20% to the value of a practice.
But how you manage and nurture these lists can significantly alter their value and therefore, that of the practice. This is something few, so called BROKERS or practice VALUATION people understand. And without such an understanding the practice can be either overvalued or undervalued.
“YOU ARE WHAT YOU EAT” APPLIES HERE TOO.
LIST NURTURING might be the most overlooked aspect of business. What’s even more important is that this is totally in your control. YOU oversee what, when and how YOU feed orcommunicate to your list. NO ONE can tell you that you can’t.
Cold lists are not nearly as valuable as warm lists. Starved lists that are ignored are likely to be less responsive. However, warm, well-fed lists that are used to regular, nutritious contact, are more responsive and hence, more valuable.
Lists can be used in various ways. Direct mail, phone and email are just some of the ways a list can be contacted. In person contact as well works for referral list nurturing.
What you communicate to your list, what you FEED it, and how you fertilize it will impact its value. We call this MARKETING and it’s something few dentists know how to do well. Fewer yet, know how to measure the activity and its impact.
For instance, if an email is sent to a list, do you know these metrics:
WHAT you feed your list is called CONTENT and when it comes to marketing and communications, CONTENT IS KING.
If you truly value your INDEPENDENCE and FREEDOM, and want to add value to your practice, understanding LIST NURTURE is critical. Want to learn more?
Get an analysis HERE.
To Your Freedom and Independence,